The US Department Of Justice (DOJ) has been cleared to merchantability 69,300 Bitcoin (BTC) worthy astir $6.5 billion. The BTC was seized from Silk Road, the present defunct acheronian web achromatic marketplace.
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How Was The DOJ Cleared To Sell The Seized Bitcoin?
The ownership quality of the $6.5 cardinal worthy of BTC was ongoing for years betwixt the DOJ and Battle Born Investments. Battle Born mislaid its bid to hold the sale. According to Battle Born’s attorney, the improvement is “another egregious illustration of the DOJ’s maltreatment of the Civil Asset Forfeiture process.“
The DOJ cited Bitcoin’s (BTC) terms volatility arsenic its reasoning for selling the seized assets. According to a DOJ spokesperson, “The Government volition proceed further accordant with the judgement successful this case.“
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Will The Market Face Another Correction?
The cryptocurrency marketplace has faced a important correction successful the past fewer weeks. Bitcoin (BTC) fell beneath $94,000 successful December 2024 aft ostentation successful the US accrued to 2.7%. The Federal Reserve took a hawkish stance with its monetary argumentation to combat rising ostentation figures. The Fed announced lone 2 involvement complaint cuts successful 2025 alternatively of three.
The marketplace faced different correction successful January aft US Jobs information came successful amended than expected. The improvement thwarted hopes for an aboriginal involvement complaint cut.
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If the DOJ sells $6.5 cardinal worthy of Bitcoin (BTC), we whitethorn look different marketplace dip. Market participants whitethorn go weary astir investing successful BTC and different risky assets.
President-elect Donald Trump is simply a vocal protagonist of Bitcoin (BTC) and the cryptocurrency industry. The marketplace whitethorn stabilize erstwhile helium assumes office. Trump’s inauguration is connected Jan. 20, 2025. We whitethorn spot immoderate alleviation aboriginal this month, fixed capitalist sentiment improves.